Sikanni Services adds oilfield fleet to the family
RED DEER, Alta. — Oilfield management company Sikanni Services has acquired oil transport and drilling fleet Twilight Oilfield Hauling Group for $37 million.
The deal, which includes $19 million cash and 14.4 million common shares worth $1.25 each, is expected to close in late February, according to Canadian Press.
Gilbert Francois, co-owner and president of the Twilight, will join Sikanni as a general manager and director.
compete in the booming oilfield sector
The Grande Prairie, Alta-based Twilight Group, which is made up of family-owned Twilight Oilfield Hauling Ltd., MMC Contracting Ltd., Tower General Trucking Ltd. and 721757 Alberta Ltd., has been in the oilfield services industry since 1988, specializing in the transportation of oil and gas drilling rigs in Western Canada.
In 2005, the company generated total revenue, before taxes, of about $24.7 million.
Sikanni CEO Rod MacDonald said the acquisition will add to his company’s earnings and “provide an attractive strategic platform on which to pursue additional growth opportunities in Western Canada.'”
Sikanni is a 20 truck, nine trailer fleet based in Red Deer, Alta. It began in 2005 as an oil and gas service company, focusing on oilfield waste management services; wheeled tank rentals; oilfield hauling; and mud distribution services.
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